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CannabisNewsBreaks – Sugarmade Inc. (SGMD) Signs LOI to Acquire Cultivation Company

Company: Sugarmade Inc. (SGMD)
Category: News

Sugarmade (OTC: SGMD) has signed a letter of intent (“LOI”) regarding the acquisition of  California-based Lemon Glow Company Inc., along with all the company assets, interests, property and rights; included in the planned acquisition is 640 acres of property located in Lake County, outside of the Commercial Cannabis Cultivation Exclusion Zones. The LOI stipulates that 32 acres of the property have been designated for outdoor cannabis cultivation, with an annual potential cultivation yield of approximately 4,000 pounds of dry trimmed cannabis flower per acre, for a total estimated production of 128,000 pounds of dry trimmed cannabis flower per year. According to the announcement, existing Lemon Glow executive team members will continued to manage the cultivation site for at least three years. Sugarmade has already put down $400,000 in earnest money towards the acquisition and has 30 days to close the agreement. “As discussed in our recent corporate update, we are taking aggressive steps toward the establishment of full farm-to-door cannabis operations at scale in the California cannabis marketplace, and this acquisition represents a major part of that strategy,” said Sugarmade CEO Jimmy Chan in the press release.

To view the full press release, visit https://cnw.fm/FZNa8

About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s  portfolio includes CarryOutsupplies.com, SugarRush(TM), NUG Avenue and Budcars. For more information about the company, please visit www.Sugarmade.com.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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